There are a lot of rumors floating around the 1.5TFLOPS number but they all only tell half of the story. You could say they are only "half precise" ;)
This often quoted number relates to the Parker performance for FP16. In layman's terms FP16 stands for "half precision" which means that the GPU will process certain information less reliable. In games, as in contrast to graphic programs, precision is not important in all tasks. That means it's possible to use only half the precision and will still gain a good enough result.
There is also FP32 which is the normal "single precision" and FP64 which is "double precision". The latter is usually used in professional graphic programs while the former is used for most other stuff and also usually what people refer to when they are talking about FLOPS.
GPUs use FP16 to their advantage in games because they can calculate certain tasks in double the speed because they only need to be half as precise with the results.
However you cannot use this way of processing for every single task in a game. That's where we fall back to FP32 which slows down the process.
Now the Switch's mystical number of 1.5TFLOPS refers to FP16. The FP32 performance is logically at 750GFLOPS. For comparison the PS4 sports 1.84TFLOPS in FP32.
I hope this clears up a few things. I'm not an expert in these things so if I got something completely wrong, someone please correct me.
https://en.wikipedia.org/wiki/Tegra#Tegra_P1
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